Posted on 03/14/2012 12:51:06 PM PDT by IBD editorial writer
When he was running for the Oval Office four years ago amid $4-a-gallon gasoline prices, then-Sen. Barack Obama dismissed the idea of expanded oil production as a way to relieve the pain at the pump. "Even if you opened up every square inch of our land and our coasts to drilling," he said. "America still has only 3% of the world's oil reserves." Which meant, he said, that the U.S. couldn't affect global oil prices....But the figure Obama uses proved oil reserves vastly undercounts how much oil the U.S. actually contains. In fact, far from being oil-poor, the country is awash in vast quantities enough to meet all the country's oil needs for hundreds of years.
(Excerpt) Read more at news.investors.com ...
Ping.
Once again, it is my understanding that we can only use 2% of what we have. Not that we only have 2% of the worlds oil. They are playing with numbers here while our people suffer and we support the Middle East, which hates us.
Let me add one thing here. If we produced our own oil for our own use, and not export it, that would leave more of the Middle East oil for the rest of the world. Prices for oil would drop.
Maybe we’re drinking their milkshake while the oil in our ground gets more valuable.
—Maybe were drinking their milkshake while the oil in our ground gets more valuable.—
I started wondering that in the early 80’s. Why else would we so overtly NOT drill what we have?
—Maybe were drinking their milkshake while the oil in our ground gets more valuable.—
I just thought of something that strengthens this belief. There have been a lot of proponents of Peak Oil over the last several decades. If the people in charge of granting oil leases really believe that we are on the verge of sing oil reserves plummet, they may choose to hold on to them for when it is really needed.
Except the rumors of Peak Oil have turned out to be greatly exaggerated. We keep finding more. Lots more.
The stone age didn’t end because we ran out of stones.
Neither did the bronze or the iron age.
We will eventually move on to something else. Nor will the world stay with oil as the price climbs to precious metal rates.
So at that point, do we really believe the US will continue to use the previous century’s technology, while the world moves on?
All we are doing by not producing, is enriching our neighbors and enemies while billions leave this country.
—All we are doing by not producing, is enriching our neighbors and enemies while billions leave this country.—
Exactly how I see it.
There might be oil but that doesn’t mean it’s cost effective to extract. The cheap to get out oil is already being tapped.
And how much capital is there around to spend getting at this oil?
These are the items rarely discussed.
Wouldn’t we have to nationalize the oil industry to do that?
People mischaracterize Peak Oil.
It’s not peak oi, it’s peak CHEAP oil.
People mischaracterize Peak Oil.
It’s not peak oil, it’s peak CHEAP oil.
Have you ever read Michael Crichton's "State of Fear"?
There is an amazing number of people that believe they know what is "best" for "those other people". And far too many of them get elected to positions of power.
It can be rather amazing in hind sight what sounded "right" to people back in history.
Why Politicized Science is Dangerous
http://www.michaelcrichton.net/essay-stateoffear-whypoliticizedscienceisdangerous.html
Whichever country or person (Soros) is awarded our energy supplies in satisfaction of debt, said sources discovered or not, along with our arable land and potable water, is not going to worry about EPA regulations. We’re gonna have the dirtiest air, oiliest beaches and biggest holes on the face of the earth. The EPA goons will simply be turned to goo and shot into space, along with many of the rest of us.
If ever there were a time to switch to a majority nuclear power generation, this would be it. If the French can make it work (75% of their electricity is nuclear generated for the last 40 years) we can do it.
Or we can spend another 30+ years in costly wars and geopolitical intrique to get oil and still be in this same position in 2042.
Thanks IBD editorial writer.
It’s not a “supply and demand” thing right now that drives the oil...it’s a combination of speculators driving the oil Futures’ market skyward using the Middle East/Iran thing as a catalyst. Consumption (demand) is DOWN with near-$4 prices of gasoline, BUT, Supply is UP.....unfortunately, oil is trading well-over $110/barrel with futures being high-buck traded now.
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